Realtor in Minneapolis MN: Tips for Shopping for a Home Loan
Home Loan Tips From a Trusted Realtor in Minneapolis MN
How to Find a Lender
Today, lenders can be found through a variety of sources. In addition to calling on ads in the newspaper, you can also find and apply to lenders over the internet, and through referrals from your realtor in Minneapolis MN. e At Molina Realtors, we would be happy to suggest lenders we have used successfully, who have proven themselves competitive and capable even with problem properties or poor credit.
Choosing the Right Lender
Interview several lenders to evaluate the following:
- Ability to explain things clearly and return your phone calls in a reasonable time period
- Competitiveness of interest rates, costs & fees.
- Availability of loan programs that suit your credit profile and desired property
- Access to local loan approval committee that understands the kind of property you are buying
Choosing the Right Kind of Loan
Today there are so many types of loans on the market that it is beyond the scope of this page to list or explain them all. Your lender is the best person to help you select a loan program to suit your needs. Below is a summary of the three most popular loan types we see in practice; for more detailed information click the link at the end of this page.
- Fixed loan: The fixed rate loan assures your monthly payments will stay the same over the life of the loan, which is typically between 15 and 30 years. Fixed rate loans may be best if you intend to hold the property for a long period of time, say over 7 years.
- ARMs (adjustable rate mortgages): ARM’s may be suitable if you plan to sell or refinance your home within the next few years. The starting interest rate is typically lower than a fixed rate loan, saving you money initially. However, it is important to understand the index, the readjustment interval, the capitalization rate and downside risks of an ARM before making a final decision to use this type of loan.
- Intermediate ARMs: Also called Hybrid Loans, these loans can offer fixed interest rates for the first 3, 5, 7 or 10 years after which the interest rate adjusts with the market every 6 months or year thereafter.
FAQ | Realtor in Minneapolis MN Home Loan Tips
Why should I work with a realtor when buying a home?
A realtor in Minneapolis MN knows the local market, helps you find the right home, and negotiates the best price. They also guide you through financing and paperwork.
How do I choose the right realtor?
Look for a real estate agent with experience, good reviews, and knowledge of the area. Molina Realtors has a team of experts ready to help!
How does a realtor help with financing?
A realtor in Minneapolis MN connects you with lenders, explains loan options, and helps you understand costs like interest rates, down payments, and closing fees.
What’s the difference between a realtor and a real estate agent?
A realtor is a real estate agent who follows special rules and ethics set by the National Association of Realtors (NAR).
How can a realtor help me shop for a loan?
A realtor helps you compare lenders, understand loan terms, and find the best mortgage for your budget.
Can a realtor help with selling my home?
Yes! A selling agent lists your home, markets it to buyers, and negotiates the best deal to sell quickly and for top dollar.
What should I ask a realtor before hiring them?
Ask about their experience, how they help buyers and sellers, and their knowledge of Minnesota houses and the Minneapolis MN market.
How can I get started with Molina Realtors?
Contact Molina Realtors today! Whether you’re buying in Minneapolis or selling in Minneapolis, we’re here as your trusted realtor in Minneapolis MN to help you every step of the way.